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Market News GBP/USD Extends Its Advance above 1.2680 Due to the US Dollar's Weakness

GBP/USD Extends Its Advance above 1.2680 Due to the US Dollar's Weakness

The GBP/USD pair acquires momentum near 1.2688 on Thursday as the USD weakens. As anticipated, US CPI inflation slowed to 3.4% year-over-year in April, from 3.5% in March. The United Kingdom's consistent wage growth has stoked concerns regarding the sustainability of inflationary forces.

TOP1 Markets Analyst
2024-05-16
10039

GBP:USD 2.jpeg 

 

The GBP/USD pair extends its advance towards 1.2688 in the early Asian trading session on Thursday. The weaker US dollar provides support for the increase in the major pair subsequent to the disclosure of less optimistic US CPI inflation data. The weekly Initial Jobless Claims, US Building Permits, Housing Starts, Philadelphia Fed Manufacturing Index, and Industrial Production will all be released later in the day. Moreover, Barr, Harker, Mester, and Bostic of the Federal Reserve (Fed) are scheduled to deliver speeches on Thursday.

 

In April, inflation in the United States decreased marginally. The annual growth rate of the Consumer Price Index (CPI) was 3.4% in April, following a 3.5% increase in March, the US Bureau of Labor Statistics (BLS) reported on Wednesday. In April, annual core CPI inflation declined from 3.8% in the previous reading to 3.6% YoY. Both figures corresponded to the prediction. The CPI and the core CPI both increased by 0.3% month-over-month in April. The likelihood of a rate cut by the Federal Reserve (Fed) in 2024 increased in response to the weaker inflation data, which depreciates the US Dollar (USD) and provides a tailwind for the GBP/USD pair.

 

In addition, the final reading of Retail Sales for April was unchanged from the previous reading of a 0.6% increase, which was below the 0.4% increase anticipated by the market.

 

The employment outlook for the United Kingdom deteriorated for the third consecutive month, as the unemployment rate increased, according to data on the GBP. Despite this, policymakers at the Bank of England (BoE) continue to be concerned that elevated service inflation could impede the disinflation process. Uncertainty ensued as a result of the BoE's interest rate reductions.

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